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Credit Card v9, RM50 GST dilemma
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hihihehe
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 Apr 16 2010, 07:21 PM
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hi there,
i am confusing about credit card methods...i am international student at australia and want to know how it works for credit card
lets say i sign up a credit card from australia bank with student rate(annual fee waived,low rate,etc) and i want to buy something from other country(UK). the cost is $600 and i use the CC to pay.
once the payment accepted, i will owe the bank $600 right? and once the statement come out, i need to pay the full amount or they got an option that let me pay monthly or in loan?
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hihihehe
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May 1 2010, 03:18 PM
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how is the interest rate count?
lets say mine is 55days interest free from purchase
after 55 days then the interest will be count month by month?
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hihihehe
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May 1 2010, 04:01 PM
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QUOTE(roy918 @ May 1 2010, 05:51 PM) Depend on your payment record. Tier 1: Cardmembers who settle their minimum payment promptly for 12 consecutive months - 13.5% p.a. or 1.125% per month Tier 2: Cardmembers who settle their minimum payment promptly for at least 10 months or more in a 12-month cycle - 16% p.a. or 1.333% per month Tier 3: Cardmembers who are neither in Tier 1 nor Tier 2 - 17.5% p.a. or 1.458% per month 55 days interest free period only applicable if you have fully paid your balance for previous month. Interest is calculated on daily basis, from the date of transaction until full payment. The interest will be charged to your bill on the following month. thanks for the reply ..but i stil lget a bit confuse  below is the rates and fees for the credit card i want: Interest rates
The interest rate for the Student card is 19.74% p.a. on purchases and 21.24% p.a. on cash advances.
Fees & charges
$0 Annual Fee for the duration of studies, for students with a Streamline account with Student Options.
Other charges may be payable.
Balance transfer
Once approved transfer the balance of any Australian-issued credit card or store card to your Student credit card. You'll have just one bill to manage each month and pay just 5.99% p.a. on balance transfers for the first 5 months.
Interest-free period
Up to 55 days interest free on purchases. The interest-free period also applies to most bill payments. It does not apply to cash withdrawals.so for example if i buy an item that cost AUD$600 and i think I think I will finish settle it within 6 months.so what is total cost if i settle the payment in 6 months? sorry i am totally noob in credit card and dun understand about the interest works  This post has been edited by hihihehe: May 1 2010, 04:02 PM |
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hihihehe
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May 1 2010, 04:29 PM
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is it?i thought you guys can know the rules by looking at the rates and fees :/
so if i apply for credit card which is $0 annual fee in my duration of studies and i never use it,i wont get charge anything from bank right?
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hihihehe
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May 1 2010, 05:13 PM
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QUOTE(roy918 @ May 1 2010, 06:42 PM) Check here if this explanation is good enough for you. http://www.commbank.com.au/personal/credit...estiscalculated» Click to show Spoiler - click again to hide... « How interest is calculated
If your card provides you with an interest free period, and you pay the balance in full by the payment due date, you will pay no interest (unless you have done a cash advance or carry an outstanding balance). Interest will be charged if you do not pay the full balance by the due date.
Interest is calculated at the end of the statement period, and then charged to your account on the last day of each statement period. We start by working out the average daily balance (ADB) outstanding over the statement period.
Then we calculate the 'daily rate'. We work this out by dividing each annual percentage rate (APR) applying to your card (e.g. standard rate or balance transfer rate) by 365. We then multiply the ADB by the daily rate. Finally, this number is then multiplied by the number of days in the statement period.
Example:
Your statement date is 5th of every month, you buy an item for $600 on 6th of May. Assuming you pay on last day of due date (4th of every month).
Month Balance Usage Interest Payment Due
May 000.00 000.00 000.00 000.00 000.00
June 000.00 600.00 000.00 100.00 500.00
July 500.00 000.00 016.51 100.00 416.51 (extra interest charged for $600 from 6th May till 4th June as not settle in full)
Aug 416.51 000.00 006.36 100.00 322.88
Sept 322.88 000.00 004.77 100.00 227.65
Oct 227.65 000.00 003.48 100.00 131.13
Nov 131.13 000.00 001.94 100.00 033.07
You are paying about $33 for interest. Just rough figure for your estimation
Bro, annual fee has nothing to do with interest. Annual fee is like membership fee. thanks.ya i know is not same. i mean if i nvr use the card, i wont get charge for not using the card right? |
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hihihehe
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May 1 2010, 06:40 PM
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QUOTE(roy918 @ May 1 2010, 07:32 PM) Yes, only if your credit card doesn't require you to swipe certain number of times to get "free annual fee". thanks..i get it now..  |
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